SSE: 603288 - Foshan Haitian Flavouring and Food Company Ltd.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 1.01
CAGR EPS = -6.02%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.01 * (1 + -6.02%) / (0.0458 * 2) = 10.38

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 7.6
Ebitda Yield = 0.0092
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.0022
Debt = 0.2877
Market Cap = 229.93
Weight Debt = Market Cap / (Market Cap + Debt) = 229.93 / (229.93 + 0.2877) = 0.9988
Weight Cost Debt = 100% - 0.9988 = 0.0012
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.75
β = 1.64
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.64 * 5.94 + 0 = 0.1247
WACC = (0.0022 / 0.2877) * (100% - 0.9988) * (1 - 0.21) + 0.1247 + 0.9988 = 0.7094
Terminal Value = Discount (7.6 * (1 + 0.0092) / (0.7094 - 0.0092)) = 3498.65
Company Value = ∑ (7.6 / (1 + 0.7094) ^ 5) = 36.53
Price = (Terminal Value + Company Value) / Count shares = (3498.65 + 36.53) / 5560600000 = 635.76

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 5.03
FCF Yield = -0.0154
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.0022
Debt = 0.2877
Market Cap = 229.93
Weight Debt = Market Cap / (Market Cap + Debt) = 229.93 / (229.93 + 0.2877) = 0.9988
Weight Cost Debt = 100% - 0.9988 = 0.0012
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.75
β = 1.64
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.64 * 5.94 + 0 = 0.1247
WACC = (0.0022 / 0.2877) * (100% - 0.9988) * (1 - 0.21) + 0.1247 + 0.9988 = 0.7094
Terminal Value = Discount (5.03 * (1 + -0.0154) / (0.7094 - -0.0154)) = 212.63
Company Value = ∑ (5.03 / (1 + 0.7094) ^ 5) = 25.39
Price = (Terminal Value + Company Value) / Count shares = (212.63 + 25.39) / 5560600000 = 42.8